In Quentin Tarantino’s film Pulp Fiction, Vincent Vegas (played by John Travolta) is explaining to Jules Winnfield (played by Samuel L Jackson) about ordering McDonalds in Paris. He says:
‘In Paris you can buy a beer in McDonalds. You know what they call a quarter pounder with cheese …. they call it a Royale with Cheese … they call a Big Mac … Le Big Mac’
Wikipedia tells us that the wording in the film is incorrect. The Quarter Pounder with cheese in France is known as ‘Royal Cheese’. Also for academic interest you might like to know ‘The term Quarterão com Queijo is used in metric Brazil, Cuarto de Libra con Queso in Spain and in Latin America, and Quarter Pounder Cheese is used in Sweden.’
I like Vincent Vega’s sentiment, the world is different, even for McDonald’s Big Macs and Quarter Pounders with Cheese.
On international implementations we need to understand there are variations and similarities. The installation and configuration of a finance system will require knowledge of jurisdictional and currency issues (amongst other things).
The currency configuration requiring the setup of multiple currencies; for example the functional currency could be US Dollars (USD) in one Business Unit and Great Britain Pounds (GBP) in another Business Unit; the transactional currency such as Kenya Shillings, or Ghana Cedi; a reporting currency USD and a fourth currency which is the local functional and / or payment currency.
They are all currencies (like it is a Quarter Pounder with Cheese) but they are not all the same. Each one has different units, different local reporting requirements and, unlike McDonalds, we have to know how to handle exchange rates between the currencies.
At Touchstone Energy we have implemented our solutions across the world; whether it is into Russia, South East Asia, Africa, the Middle East, North America, Europe including Scandinavia, or just within the United Kingdom. Our experienced team of consultants are able to work with you to configure the systems to meet the local and international transaction and reporting requirements. They have comprehensive knowledge of currency issues and how exchange rates are dealt with such as on a daily, weekly, or monthly basis.
They also enjoy a beer, Le Big Mac and Cuarto de Libra con Queso depending on where they are working.
By John Chapman
Pulp Fiction 1994